Delhi court orders attachment of Vijay Mallya's properties in Bangalore

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NEW DELHI: A Delhi court on Thursday ordered attachment of fugitive liquor baron Vijay Mallya’s properties in Bangalore in a case relating to FERA violations.

 

Chief Metropolitan Magistrate Deepak Sherawat issued directions after the Bangalore Police, through Enforcement Directorate's special public prosecutor N K Matta and advocate Samvedna Verma, sought more time to execute its earlier order.

The Bangalore Police had earlier informed the court that it has identified 159 properties belonging to Mallya, but has not been able to attach any of them.

Mallya has been declared a proclaimed culprit by the court on January 4 for dodging its summons in the case.
On May 8, the court directed the attachment of Mallya's properties in the case through the Bangalore Police commissioner and sought a report on it. On 12 April last year court issued an open-ended non-bailable warrant against the liquor baron.

At the same time, UBS Group is working towards foreclosure of the 20.4 million-pound mortgage loan on Vijay Mallya's London house, as per a report by Bloomberg.

The mortgage was taken out by Rose Capital Ventures and it has been unable to repay it, and the bank is seeking possession of the property.

Mallya has taken over 1 billion pounds worth of loans for his now-defunct Kingfisher Airways. He is engaged in civil lawsuits in India and the UK and has fraud charges against him.

“UBS called the mortgage in early without an explanation, after giving them a guarantee that the bank would not do so. According to Rose’s filings, this was wrongful of the lender and has caused Rose to be unable to repay the loan”, said Rose Capital Ventures lawyer.

To counter this, UBS said it had called in the mortgage early, as it wanted to end the relationship with Mallya and all entities associated with him after it was reported that he was a wilful defaulter over his airlines. UBS clarified that the loan expired in March 2017.

Mallya's son Sidharth and his mother Lalitha have been given the right to remain on the property by Rose, under a contractual licence. The full trial of the London property is scheduled to start in May.

 

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